NASHVILLE, Tenn. (WTVF) — Homeowners insurance premiums have climbed an average of 24% over the last three years, driven by weather events and inflation — and even policyholders who have never filed a claim are feeling the impact.
But there are proven ways to reduce what you pay.
1. Shop around
Start by consulting an independent local insurance agent.
"Your best bet is to find an independent local insurance agent who can sit down with you and find every single policy available in your zip code and make sure you get the coverage you need," Lisa Gill of Consumer Reports said.
2. Bundle your coverage
Purchasing homeowners and auto insurance from the same company can cut costs by as much as 30%.
3. Consider a higher deductible
The more you are willing to pay out of pocket on a claim, the lower your premium will typically be.
"Going to a $1,000 deductible from $500, could save you up to 25 percent. But going to a $2,500 deductible could save you even more," Gill said.
4. Make home repairs and upgrades
The roof is often where costly problems begin — from leaks to fire damage. For older roofs, some insurers add a surcharge of 10% to 20% or more.
Other upgrades can also help lower your premium, including:
- Replacing old plumbing
- Adding a security system
- Installing gas and water-leak detectors
5. Be mindful of pets and property features
Certain dog breeds, such as Dobermans, can raise your premium due to bite liability — and some insurers may deny coverage altogether. Features like pools and trampolines can also increase your rate because they are considered potential safety concerns.
A few more tips
Think twice before filing a claim, especially if the amount is close to your deductible. Filing a claim — or even inquiring about one — can raise your rates the following year.
Your credit score also plays a role. Poor credit could result in premiums twice as high as those paid by people with good credit. Avoiding excessive credit card debt before shopping for insurance and paying bills on time can help keep premiums lower.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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